Petra Diamonds sees revenues surge 48% to $114.9m

Petra Diamonds has revealed its Q1 FY22 revenues elevated by 48% in the course of the three-month interval ending 30 September.

It reported revenues of US$114.9m (£83.1m) in comparison with Q1 FY 2021 which was US$77.7m (£56.2m).

The corporate stated this was pushed by proceeds from the sale of Distinctive Stones in the course of the quarter totalling US$50.2 (£36.3m). Diamond costs on a like-for-like foundation are additionally up ca. 3% in comparison with This fall FY 2021.

Moreover, the corporate’s diamond stock for this quarter is valued at US$76.0m (£55m), in comparison with S$45.1m (£32.6) on 30 June 2021.

Manufacturing for Petra Diamonds additionally elevated by 8% in comparison with the previous quarter at a complete of 861,991 carats.

As well as, the misplaced time damage frequency price can be down 52%. Petra Diamonds stated this displays the “constructive impression” of remedial actions and behaviour-based intervention programmes launched throughout FY 2021.

Nevertheless, the corporate’s year-on-year manufacturing is down 12% which is “largely attributable” to Finsch’s excessive ranges of manufacturing earlier than the impression of the waste ingress and resultant deliberate lower in throughput and grade to mitigate its impression from Q2 FY 2021.

Moreover, the top of the Quarter noticed the Cullinan mine expertise tunnel convergence in Tunnel 41, impacting 18 of a complete 187 draw factors.

Richard Duffy, chief government of Petra Diamonds, stated: “It’s pleasing to see the development in our security efficiency, which is because of the unrelenting focus of our crew on striving for a zero-harm work surroundings. 

“The corporate has delivered a really robust income end result because of the contribution of Distinctive Stone gross sales, supported by the continued power within the diamond market.”

He added: “Manufacturing was decrease than Q1 FY 2021, on account of deliberate decreases in tonnages and grade as a part of the technique to mitigate the waste ingress on the Finsch mine, however a big enchancment over the earlier quarter and stays on monitor to ship full 12 months steering.”

Written by colin

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